Law firm A&O Shearman posts $3.7 bln in revenues in first year after merger

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By Sara Merken

- Global law firm A&O Shearman on Thursday said it generated 2.9 billion pounds ($3.7 billion as converted by the firm) in client revenue last year, as the firm reported its first financial results since the completion of a major transatlantic merger.

In the year since London-founded Allen & Overy and New York-founded Shearman & Sterling's merger, the combined 4,000-lawyer firm recorded profit before tax of 1.1 billion pounds ($1.4 billion) and profit per equity partner of 2 million pounds ($2.6 million) for the fiscal year ending April 30.

A&O Shearman listed the representation of Liberty Global in the spin-off of its Swiss telecoms operator Sunrise to shareholders, among its key successes last year.

The firm also advised Dutch technology investor Prosus on its acquisition of Just Eat Takeaway.com for 4.1 billion euros. Prosus earlier this month gained European Union antitrust approval for the deal after agreeing to sell down its stake in Delivery Hero.

Other London firms have also released financial results for the last year under a requirement to file accounts with the UK government.

Clifford Chance in July reported its highest-ever revenue and profits, with U.S. revenue up 18%. Linklaters also generated record results, buoyed by a 57% increase in U.S. profits. A&O Shearman did not break out any figures by region.

A&O Shearman in releasing its financial results said it delivered nearly 120,000 hours of pro bono work in the fiscal year.

It was one of nine major law firms that reached deals with President Donald Trump earlier this year, after he began issuing executive orders against law firms restricting their access to government buildings and officials, and federal contracting work.

The nine firms collectively pledged nearly $1 billion in free legal services on mutually agreed legal issues with the White House. None of the firms have identified any pro-bono work undertaken in connection with their deals with Trump.


(Reporting by Sara Merken)

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